All Forum Posts by: JJ GONZALEZ II

I am looking for one in bonita springs, so If I get any I will send them your way

Robert with the interest can I assume you have sold the property

Thanks, but that doesn’t help me.  The property is titled in the name of an llc, I am transferring it into my name just to do a refi.  I find it difficult to believe that I am the only investor who has faced this problem

I have a great deal in Bonita Springs that I bought for cash. I am trying to do a cash out refi but the 20 banks and credit unions I have contacted won't do it because it titled in the name of an LLC, or the ones that will only want to lend 70% of the purchase price. This is a value add paid 500 putting in another 100 but the ARV will be approx 800k

Has anyone in the Naples/bonita springs/fort Myers area had any success in CORF in the name of an llc

Thanks JJ

Lana

You say you are a new investor but have over 200 posts ?? I am confused what have you been posting about

Mohammed. This is not a short or easy process.  The typical reply I hear from commercial brokers is “why would I give this deal to you when I already have clients that can close on this”. The obvious reply is that the broker only gets paid when a deal closes and you “intend to close on any good deal that fits your criteria”

This may not be what you find but it can be discouraging so keep looking and analyzing deals

JJ

I might suggest that you ask the sponsor for the names of people that invested with them in the past and generally in more than one deal.  I am invested in 6 deals among 3 sponsors and I can tell you that they are all different.  The larger one’s seem to take longer to pay the preferred.  And the smaller one’s pay immediately as if it were their money.  I am only 2 years into this so I have not gone full cycle but I would bet the smaller operators will return more roi than the larger ones.  I went into these deals for two reasons

1) being part of a large multi family deal means more reward

2) the experience of the syndicator 

So far I am disappointed with the largest operator and happier with the smaller one.

JJ

I am looking for an experienced property manager to handle small multi family in a c class neighborhood of Bonita Springs Florida

JJ

Barry

This sounds like a terrible tragedy has befallen your friend.  But he has lived in this house not paying his mortgage for 8 years, and you mention that he is collecting rent.  Seems a bit unfair to the stockholders or the bank to have to subsidize this situation.  Moving 8 years ago could have avoided this.

Jeff

You also need to understand that whatever the preferred rate is, it is not guaranteed.  It is not uncommon for syndicators to make up the prefererred in year 2 or 3 or even 4.  A lot depends on the cash flow of the apartment community, but also it is at the discretion of the sponsor.  I am investing for cash flow so it bothers me when my 8% preferred is actually a 4% preferred in year 1 and year 2.

JJ